Alameda Research dumps all of its GBTC: Report
The debtors-in-possession of FTX and Alameda Research have reportedly been responsible for the bulk of outflows from Grayscale Bitcoin Trust ( GBTC ), with sources familiar to CoinDesk detailing that FTX sold approximately 22 million shares. This would account for around $1 billion in the total outflows from GBTC so far and would account for the entirety of FTX/Alameda Research’s GBTC position. Alameda Research was one of several now-bankrupt trading firms, including Three Arrows Capital, that attempted to arbitrage the difference between the GBTC market value and the value of the assets it holds. The difficulty in successfully arbitraging this difference while Grayscale’s redemption window was closed may have contributed to the failure of some of these firms. FTX debtors-in-possession also chose to dismiss their lawsuit against Grayscale. According to Arkham data, at 22:21 UTC+8, Grayscale transferred 19,260 BTC to Coinbase Prime Deposit. https://t.co/79xyMqJylW ...
